3rd Annual Conference on Macro-Finance Research

Date

Friday, Oct 09, 2026

Location

San Francisco, CA

ADDITIONAL INFORMATION

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Topics

BankingFinancial MarketsMonetary PolicyU.S. Economy

Welcome Remarks

Speaker:

Sylvain Leduc, Director of Research and Executive Vice President, Federal Reserve Bank of San Francisco

Session 1: Financial Markets

Chair:

Thomas Mertens, Federal Reserve Bank of San Francisco

Sticky Discount Rates

Authors:

Masao Fukui, Boston University
Niels Joachim Gormsen, The University of Chicago and Copenhagen Business School
Kilian Huber, The University of Chicago

Discussant:

TBD

Real Origins or Financial Structure: The Role of Household and Firm Heterogeneity

Authors:

Greg Buchak, Stanford Graduate School of Business
Erica Jiang, University of California, Los Angeles Anderson School of Management

Discussant:

Dominik Supera, Columbia Business School

Session 2: Banks and Deposits

Chair:

Pascal Paul, Federal Reserve Bank of San Francisco

The Declining Role of Deposits in Credit Creation

Authors:

Naz Koont, Stanford University
Stefan Walz, Boston College

Discussant:

Matteo Crosignani, Federal Reserve Bank of New York

Bank Runs, Fragility, and Regulation

Authors:

Manuel Amador, University of Minnesota
Javier Bianchi, Federal Reserve Bank of Minneapolis

Discussant:

Amit Seru, Stanford University

Academic Keynote Session

Chair:

Pascal Paul, Federal Reserve Bank of San Francisco

Jeremy Stein, Harvard University

Session 3: Treasury Market

Chair:

Thomas Mertens, Federal Reserve Bank of San Francisco

Dissecting Treasury Market Resilience

Authors:

Kristy Jansen, USC Marshall School of Business
Wenhao Li, USC Marshall School of Business
Lukas Schmid, USC Marshall School of Business

Discussant:

Andres Schneider, Miami Business School

How Did Government Bonds Become Safe?

Authors:

Juan Antolin-Diaz, MIT

Discussant:

Matteo Leombroni, Boston College

Janet Yellen Award Ceremony

Chair:

Pascal Paul, Federal Reserve Bank of San Francisco

Presentation of Janet Yellen Award for Monetary Research

Speaker:

Sylvain Leduc, Director of Research and Executive Vice President, Federal Reserve Bank of San Francisco

Award Speech by Recipient

Reception

Dinner

Introductory Remarks

Speaker:

Sylvain Leduc, Director of Research and Executive Vice President, Federal Reserve Bank of San Francisco

Policy Keynote Speech

Speaker:

Amir Yaron, Governor, Bank of Israel

Organizers:
Michael Bauer, Federal Reserve Bank of San Francisco
Pascal Paul, Federal Reserve Bank of San Francisco
Thomas Mertens, Federal Reserve Bank of San Francisco